This Crypto Analyst Correctly Predicted The Bitcoin Price Rise To $75,000, Here’s The Full Prediction
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The price of Bitcoin has reached He hits A new all-time high (ATH), marking a historic milestone in the cryptocurrency market. With a notable rise above $75,000, so has Bitcoin There is great momentumprimarily driven by surrounding market sentiment American elections. The cryptocurrency analyst who accurately predicted Bitcoin’s price would rise to $75,000 has now set a new price target for the leading cryptocurrency, anticipating further upward movement.
The analyst set an ATH of $170,000 for the Bitcoin price
TradingShot, the cryptocurrency analyst on TradingView, has done just that Released A brief Bitcoin analysis report, indicating historical trends to forecast New all-time high Worth $170,000 in Bitcoin. Sharing a price chart depicting Bitcoin’s price movements from 2022 to the present, the analyst revealed that on August 5, Bitcoin was testing the one-week moving average (MA50), a level that had never been reached since March 12, 2003. .
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In previous market cycles, this crucial level was the absolute supportive trend line indicating a potential bull market. TradingShot revealed that after nearly 20 years, Bitcoin price He finally managed to hold this major trend line not once but twice, giving rise to it March last week Which saw its price testing the $73,800 mark.
The analyst also stressed that this price rise was an incredibly bullish move, indicating a strong market for Bitcoin. Furthermore, the $73,800 increase in Bitcoin price occurred just two days before the US presidential election, a period It has been known historically to provoke explosive rallies For Bitcoin.
Market expert Crypto Rover on X (formerly Twitter) Notes Bitcoin saw an overall average price increase of 1,563% after the previous US election. In 2016, Bitcoin rose by 2,714%, surpassing $15,000 after the crisis. US presidential elections. Likewise, in 2020, the value of the cryptocurrency rose more than 400%, surpassing $40,000 after the election. It is now clear that Bitcoin is on a major uptrend following the US presidential election that just ended on November 4.
Given the timing of these spikes, TradingShot noted that a similar pattern may be repeating, meaning Bitcoin could be entering a period of explosive growth. Based on chart analysis and Fibonacci levels, the analyst predicted a new target of $170,000 for Bitcoin, which represents around $1,618. Fibonacci extensions of current ATH.
With the price of Bitcoin currently trading at $73,715 Give up some gainsan increase to $170,000 would represent an increase of 130.55%.
BTC has finally reached its expected price discovery
with Bitcoin has finally reached a new ATH After months of speculation and anticipation, cryptocurrency analyst Ali Martinez has done just that It has been detected This rise indicates that the cryptocurrency is entering its price discovery.
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A Bitcoin price discovery It refers to how the market determines the current value or price based on supply and demand dynamics. Despite the new achievement, Martinez revealed that investors are trying to short sell Bitcoin by liquidating their holdings and cashing out the profits.
As a result, the analyst predicts that if Bitcoin returns to the high price of $75,550, $210 million could be liquidated from the market.
Featured image created with Dall.E, chart from Tradingview.com
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